On June 1, Musicland Inc. purchases 125 CDs at $4.08 each on account from its distributor...
On June 1, Musicland Inc. purchases 125 CDs at $4.08 each on account from its distributor for a total of $510. The credit terms of the purchase were 2/10 n/30. Also on June 1, Musicland paid freight charges of $22.18 cash for delivery of the CDs. On June 4, Musicland returned 15 defective CDs for an account credit of $61.20. On June 8, Musicland paid for the remaining 110 CDs.
Record these transactions on the journal entry
Homework Answers
| Date | Account titles and explanation | Debit(in $) | Credit(in $) | ||
| Jun-01 | Merchandise Inventory | 510 | |||
| Accounts Payable | 510 | ||||
| Jun-01 | Freight charges | 22.18 | |||
| Cash | 22.18 | ||||
| Jun-04 | Accounts Payable | 61.2 | |||
| Merchandise Inventory | 61.2 | ||||
| Jun-08 | Accounts Payable | 457.776 | |||
| Cash | 448.8 | ||||
| Merchandise Inventory[($510-$61.20)*2%] | 8.976 | ||||
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